Intrinsic value of Middleby - MIDD

Previous Close

$130.79

  Intrinsic Value

$89.42

stock screener

  Rating & Target

sell

-32%

Previous close

$130.79

 
Intrinsic value

$89.42

 
Up/down potential

-32%

 
Rating

sell

We calculate the intrinsic value of MIDD stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 7.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  24.14
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  2,268
  2,313
  2,367
  2,427
  2,496
  2,571
  2,654
  2,745
  2,843
  2,948
  3,061
  3,182
  3,311
  3,449
  3,595
  3,750
  3,914
  4,088
  4,272
  4,467
  4,672
  4,889
  5,117
  5,358
  5,611
  5,878
  6,160
  6,456
  6,767
  7,095
  7,440
Variable operating expenses, $m
 
  1,562
  1,595
  1,633
  1,676
  1,724
  1,776
  1,832
  1,894
  1,960
  2,031
  1,998
  2,079
  2,165
  2,257
  2,354
  2,458
  2,567
  2,682
  2,804
  2,933
  3,069
  3,212
  3,364
  3,523
  3,691
  3,867
  4,053
  4,249
  4,454
  4,671
Fixed operating expenses, $m
 
  303
  311
  319
  327
  335
  343
  352
  361
  370
  379
  388
  398
  408
  418
  429
  439
  450
  462
  473
  485
  497
  510
  522
  535
  549
  562
  577
  591
  606
  621
Total operating expenses, $m
  1,822
  1,865
  1,906
  1,952
  2,003
  2,059
  2,119
  2,184
  2,255
  2,330
  2,410
  2,386
  2,477
  2,573
  2,675
  2,783
  2,897
  3,017
  3,144
  3,277
  3,418
  3,566
  3,722
  3,886
  4,058
  4,240
  4,429
  4,630
  4,840
  5,060
  5,292
Operating income, $m
  446
  448
  461
  475
  493
  513
  535
  560
  588
  618
  651
  796
  834
  876
  920
  967
  1,018
  1,071
  1,128
  1,189
  1,254
  1,322
  1,395
  1,472
  1,553
  1,639
  1,730
  1,826
  1,928
  2,035
  2,148
EBITDA, $m
  504
  589
  602
  618
  636
  657
  681
  707
  736
  768
  802
  840
  880
  923
  969
  1,019
  1,071
  1,127
  1,187
  1,251
  1,318
  1,389
  1,465
  1,545
  1,630
  1,720
  1,815
  1,915
  2,021
  2,132
  2,250
Interest expense (income), $m
  21
  25
  27
  28
  29
  31
  33
  35
  38
  40
  43
  46
  49
  52
  55
  59
  63
  67
  72
  76
  81
  87
  92
  98
  104
  110
  117
  124
  132
  140
  148
Earnings before tax, $m
  421
  423
  434
  447
  463
  482
  502
  525
  550
  578
  608
  750
  786
  824
  864
  908
  954
  1,004
  1,057
  1,113
  1,173
  1,236
  1,303
  1,374
  1,449
  1,529
  1,613
  1,702
  1,796
  1,895
  2,000
Tax expense, $m
  137
  114
  117
  121
  125
  130
  136
  142
  149
  156
  164
  203
  212
  222
  233
  245
  258
  271
  285
  300
  317
  334
  352
  371
  391
  413
  435
  460
  485
  512
  540
Net income, $m
  284
  309
  317
  327
  338
  352
  367
  383
  402
  422
  444
  548
  574
  601
  631
  663
  697
  733
  771
  812
  856
  902
  951
  1,003
  1,058
  1,116
  1,177
  1,242
  1,311
  1,383
  1,460

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  68
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  2,917
  2,906
  2,973
  3,049
  3,135
  3,230
  3,335
  3,448
  3,571
  3,704
  3,846
  3,998
  4,160
  4,333
  4,516
  4,711
  4,918
  5,136
  5,367
  5,611
  5,869
  6,141
  6,428
  6,731
  7,049
  7,385
  7,738
  8,110
  8,502
  8,913
  9,346
Adjusted assets (=assets-cash), $m
  2,849
  2,906
  2,973
  3,049
  3,135
  3,230
  3,335
  3,448
  3,571
  3,704
  3,846
  3,998
  4,160
  4,333
  4,516
  4,711
  4,918
  5,136
  5,367
  5,611
  5,869
  6,141
  6,428
  6,731
  7,049
  7,385
  7,738
  8,110
  8,502
  8,913
  9,346
Revenue / Adjusted assets
  0.796
  0.796
  0.796
  0.796
  0.796
  0.796
  0.796
  0.796
  0.796
  0.796
  0.796
  0.796
  0.796
  0.796
  0.796
  0.796
  0.796
  0.796
  0.796
  0.796
  0.796
  0.796
  0.796
  0.796
  0.796
  0.796
  0.796
  0.796
  0.796
  0.796
  0.796
Average production assets, $m
  934
  953
  975
  1,000
  1,028
  1,059
  1,094
  1,131
  1,171
  1,215
  1,261
  1,311
  1,364
  1,421
  1,481
  1,545
  1,613
  1,684
  1,760
  1,840
  1,925
  2,014
  2,108
  2,207
  2,312
  2,422
  2,538
  2,660
  2,788
  2,923
  3,065
Working capital, $m
  324
  268
  275
  282
  289
  298
  308
  318
  330
  342
  355
  369
  384
  400
  417
  435
  454
  474
  496
  518
  542
  567
  594
  621
  651
  682
  715
  749
  785
  823
  863
Total debt, $m
  732
  760
  798
  843
  892
  947
  1,007
  1,073
  1,144
  1,221
  1,303
  1,391
  1,484
  1,584
  1,690
  1,803
  1,922
  2,049
  2,182
  2,323
  2,472
  2,630
  2,796
  2,970
  3,155
  3,348
  3,553
  3,768
  3,994
  4,232
  4,482
Total liabilities, $m
  1,652
  1,680
  1,718
  1,763
  1,812
  1,867
  1,927
  1,993
  2,064
  2,141
  2,223
  2,311
  2,404
  2,504
  2,610
  2,723
  2,842
  2,969
  3,102
  3,243
  3,392
  3,550
  3,716
  3,890
  4,075
  4,268
  4,473
  4,688
  4,914
  5,152
  5,402
Total equity, $m
  1,265
  1,226
  1,255
  1,287
  1,323
  1,363
  1,407
  1,455
  1,507
  1,563
  1,623
  1,687
  1,756
  1,828
  1,906
  1,988
  2,075
  2,167
  2,265
  2,368
  2,477
  2,592
  2,713
  2,840
  2,975
  3,116
  3,266
  3,422
  3,588
  3,761
  3,944
Total liabilities and equity, $m
  2,917
  2,906
  2,973
  3,050
  3,135
  3,230
  3,334
  3,448
  3,571
  3,704
  3,846
  3,998
  4,160
  4,332
  4,516
  4,711
  4,917
  5,136
  5,367
  5,611
  5,869
  6,142
  6,429
  6,730
  7,050
  7,384
  7,739
  8,110
  8,502
  8,913
  9,346
Debt-to-equity ratio
  0.579
  0.620
  0.640
  0.650
  0.670
  0.690
  0.720
  0.740
  0.760
  0.780
  0.800
  0.820
  0.850
  0.870
  0.890
  0.910
  0.930
  0.950
  0.960
  0.980
  1.000
  1.010
  1.030
  1.050
  1.060
  1.070
  1.090
  1.100
  1.110
  1.130
  1.140
Adjusted equity ratio
  0.420
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  284
  309
  317
  327
  338
  352
  367
  383
  402
  422
  444
  548
  574
  601
  631
  663
  697
  733
  771
  812
  856
  902
  951
  1,003
  1,058
  1,116
  1,177
  1,242
  1,311
  1,383
  1,460
Depreciation, amort., depletion, $m
  58
  141
  142
  143
  144
  145
  146
  147
  148
  150
  151
  44
  45
  47
  49
  52
  54
  56
  59
  61
  64
  67
  70
  74
  77
  81
  85
  89
  93
  97
  102
Funds from operations, $m
  196
  450
  459
  469
  482
  496
  512
  530
  550
  572
  595
  592
  619
  649
  680
  714
  750
  789
  830
  874
  920
  969
  1,021
  1,077
  1,135
  1,197
  1,262
  1,331
  1,404
  1,481
  1,562
Change in working capital, $m
  -98
  5
  6
  7
  8
  9
  10
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  26
  28
  29
  31
  33
  34
  36
  38
  40
Cash from operations, $m
  294
  445
  452
  462
  474
  487
  503
  520
  539
  560
  582
  577
  604
  633
  663
  696
  731
  769
  809
  851
  896
  944
  995
  1,049
  1,105
  1,166
  1,229
  1,297
  1,368
  1,443
  1,522
Maintenance CAPEX, $m
  0
  -31
  -32
  -33
  -33
  -34
  -35
  -36
  -38
  -39
  -40
  -42
  -44
  -45
  -47
  -49
  -52
  -54
  -56
  -59
  -61
  -64
  -67
  -70
  -74
  -77
  -81
  -85
  -89
  -93
  -97
New CAPEX, $m
  -25
  -20
  -22
  -25
  -28
  -31
  -34
  -37
  -40
  -43
  -47
  -50
  -53
  -57
  -60
  -64
  -68
  -72
  -76
  -80
  -85
  -89
  -94
  -99
  -104
  -110
  -116
  -122
  -128
  -135
  -142
Cash from investing activities, $m
  -236
  -51
  -54
  -58
  -61
  -65
  -69
  -73
  -78
  -82
  -87
  -92
  -97
  -102
  -107
  -113
  -120
  -126
  -132
  -139
  -146
  -153
  -161
  -169
  -178
  -187
  -197
  -207
  -217
  -228
  -239
Free cash flow, $m
  58
  394
  399
  405
  412
  422
  433
  446
  461
  477
  495
  486
  507
  531
  556
  583
  612
  643
  677
  712
  750
  791
  834
  879
  927
  979
  1,033
  1,090
  1,151
  1,215
  1,283
Issuance/(repayment) of debt, $m
  -36
  34
  39
  44
  50
  55
  60
  66
  71
  77
  82
  88
  94
  100
  106
  113
  119
  126
  134
  141
  149
  157
  166
  175
  184
  194
  204
  215
  226
  238
  250
Issuance/(repurchase) of shares, $m
  -4
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -41
  34
  39
  44
  50
  55
  60
  66
  71
  77
  82
  88
  94
  100
  106
  113
  119
  126
  134
  141
  149
  157
  166
  175
  184
  194
  204
  215
  226
  238
  250
Total cash flow (excl. dividends), $m
  13
  428
  437
  449
  462
  477
  494
  512
  532
  554
  577
  573
  601
  630
  662
  696
  732
  770
  810
  854
  899
  948
  999
  1,054
  1,112
  1,173
  1,237
  1,305
  1,377
  1,453
  1,533
Retained Cash Flow (-), $m
  -98
  -23
  -28
  -32
  -36
  -40
  -44
  -48
  -52
  -56
  -60
  -64
  -68
  -73
  -77
  -82
  -87
  -92
  -98
  -103
  -109
  -115
  -121
  -128
  -134
  -142
  -149
  -157
  -165
  -174
  -183
Prev. year cash balance distribution, $m
 
  62
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  466
  409
  417
  426
  437
  449
  464
  480
  498
  517
  509
  532
  557
  584
  613
  644
  678
  713
  751
  791
  833
  878
  926
  977
  1,031
  1,088
  1,148
  1,212
  1,279
  1,350
Discount rate, %
 
  4.70
  4.94
  5.18
  5.44
  5.71
  6.00
  6.30
  6.61
  6.94
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.77
  11.31
  11.88
  12.47
  13.09
  13.75
  14.44
  15.16
  15.92
  16.71
  17.55
  18.42
  19.35
PV of cash for distribution, $m
 
  445
  372
  358
  344
  331
  317
  303
  288
  272
  256
  226
  211
  194
  178
  161
  145
  129
  113
  98
  84
  71
  59
  48
  38
  30
  23
  18
  13
  9
  7
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

The Middleby Corporation is engaged in the design, manufacture and sale of commercial foodservice, food processing equipment and residential kitchen equipment. The Company operates in three segments: the Commercial Foodservice Equipment Group, the Food Processing Equipment Group and the Residential Kitchen Equipment Group. It is also engaged in the design, manufacture, marketing, distribution and service of a range of foodservice equipment used in commercial restaurants and institutional kitchens; food preparation, cooking, baking, chilling and packaging equipment for food processing operations, and kitchen equipment, including ranges, ovens, refrigerators, ventilation and dishwashers used in the residential market. It manufactured and assembled the equipment at 28 facilities in the United States, and 23 international manufacturing facilities as of December 31, 2016. Its brands include Anets, Beech, Blodgett, Blodgett Combi, Stewart Systems, Mercury, Rangemaster, Rayburn and Redfyre.

FINANCIAL RATIOS  of  Middleby (MIDD)

Valuation Ratios
P/E Ratio 26.5
Price to Sales 3.3
Price to Book 5.9
Price to Tangible Book
Price to Cash Flow 25.6
Price to Free Cash Flow 28
Growth Rates
Sales Growth Rate 24.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 13.6%
Cap. Spend. - 3 Yr. Gr. Rate 4.6%
Financial Strength
Quick Ratio 11
Current Ratio 0
LT Debt to Equity 57.4%
Total Debt to Equity 57.9%
Interest Coverage 21
Management Effectiveness
Return On Assets 10.5%
Ret/ On Assets - 3 Yr. Avg. 9.8%
Return On Total Capital 14.5%
Ret/ On T. Cap. - 3 Yr. Avg. 12.7%
Return On Equity 23.4%
Return On Equity - 3 Yr. Avg. 20.6%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 39.7%
Gross Margin - 3 Yr. Avg. 39.2%
EBITDA Margin 22%
EBITDA Margin - 3 Yr. Avg. 20.6%
Operating Margin 19.7%
Oper. Margin - 3 Yr. Avg. 18.2%
Pre-Tax Margin 18.6%
Pre-Tax Margin - 3 Yr. Avg. 17%
Net Profit Margin 12.5%
Net Profit Margin - 3 Yr. Avg. 11.6%
Effective Tax Rate 32.5%
Eff/ Tax Rate - 3 Yr. Avg. 31.8%
Payout Ratio 0%

MIDD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MIDD stock intrinsic value calculation we used $2268 million for the last fiscal year's total revenue generated by Middleby. The default revenue input number comes from 2016 income statement of Middleby. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our MIDD stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.7%, whose default value for MIDD is calculated based on our internal credit rating of Middleby, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Middleby.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of MIDD stock the variable cost ratio is equal to 67.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $296 million in the base year in the intrinsic value calculation for MIDD stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Middleby.

Corporate tax rate of 27% is the nominal tax rate for Middleby. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the MIDD stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for MIDD are equal to 41.2%.

Life of production assets of 34 years is the average useful life of capital assets used in Middleby operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for MIDD is equal to 11.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1265 million for Middleby - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 57.634 million for Middleby is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Middleby at the current share price and the inputted number of shares is $7.5 billion.

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COMPANY NEWS

▶ Why Middleby Rose 10% in November   [Dec-08-17 08:30AM  Motley Fool]
▶ The Middleby Corporation Acquires Scanico A/S   [Dec-07-17 06:00PM  Business Wire]
▶ Middleby Struggles With Falling Earnings   [Nov-09-17 10:18AM  Motley Fool]
▶ Middleby misses 3Q profit forecasts   [05:03AM  Associated Press]
▶ The Middleby Corporation Reports Third Quarter Results   [Nov-07-17 10:27PM  Business Wire]
▶ The Middleby Corporation Acquires QualServ Solutions, LLC   [Aug-31-17 09:00PM  Business Wire]
▶ Middleby's Performance Lags as Its Customers Struggle   [Aug-11-17 02:50PM  Motley Fool]
▶ Middleby beats 2Q profit forecasts   [Aug-10-17 08:02PM  Associated Press]
▶ The Middleby Corporation Reports Second Quarter Results   [Aug-09-17 10:21PM  Business Wire]
▶ Time to Get Greedy With Middleby Stock   [Jul-29-17 10:33AM  Motley Fool]
▶ ETFs with exposure to The Middleby Corp. : July 13, 2017   [Jul-13-17 04:16PM  Capital Cube]
▶ ETFs with exposure to The Middleby Corp. : July 3, 2017   [Jul-03-17 03:27PM  Capital Cube]
▶ The Middleby Corporation Acquires Sveba Dahlen Group   [Jun-30-17 04:01PM  Business Wire]
▶ ETFs with exposure to The Middleby Corp. : June 23, 2017   [Jun-23-17 02:21PM  Capital Cube]
▶ ETFs with exposure to The Middleby Corp. : June 13, 2017   [Jun-13-17 12:42PM  Capital Cube]
▶ ETFs with exposure to The Middleby Corp. : June 2, 2017   [Jun-02-17 02:18PM  Capital Cube]
▶ 3 Growth Stocks for Long-Term Investors   [May-20-17 11:13AM  Motley Fool]
▶ How a CEO With Dyslexia and ADHD Runs His Company   [May-17-17 12:24AM  The Wall Street Journal]
▶ Middleby Earnings: Cooking Up Some Tasty Profits   [May-16-17 02:34PM  Motley Fool]
▶ How a CEO With Dyslexia and ADHD Runs His Company   [12:36PM  The Wall Street Journal]
▶ Middleby tops 1Q profit forecasts   [05:02AM  Associated Press]
▶ The Middleby Corporation Reports First Quarter Results   [May-09-17 09:50PM  Business Wire]
▶ The Middleby Corporation Acquires Burford Corporation   [May-01-17 06:30PM  Business Wire]
▶ 3 Top Restaurant Stocks to Buy Now   [Apr-27-17 07:12PM  Motley Fool]
▶ Which Companies Are Now Outperforming 95% Of All Stocks?   [Apr-21-17 11:38AM  Investor's Business Daily]
▶ Will This Commercial Oven Stock Heat Up Ahead Of Earnings?   [11:30AM  Investor's Business Daily]
▶ Is Middleby Finally Ready to Move On From This Fiasco?   [Apr-05-17 10:00AM  Motley Fool]
▶ 5 ways to invest in the robot revolution   [08:42AM  MarketWatch]
▶ [$$] Welbilt Cooks Up a Winning Strategy   [Mar-18-17 01:22AM  at Barrons.com]
Financial statements of MIDD
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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